Picton Mahoney Asset Management Invests $6.24 Million in Valley National Bancorp $VLY

Picton Mahoney Asset Management acquired a new position in shares of Valley National Bancorp (NASDAQ:VLY) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 588,434 shares of the company’s stock, valued at approximately $6,240,000.

Several other institutional investors have also recently added to or reduced their stakes in VLY. Norges Bank acquired a new position in Valley National Bancorp during the second quarter worth $31,276,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Valley National Bancorp in the second quarter valued at $11,921,000. Invesco Ltd. raised its holdings in shares of Valley National Bancorp by 88.4% in the 2nd quarter. Invesco Ltd. now owns 2,395,988 shares of the company’s stock valued at $21,396,000 after buying an additional 1,124,373 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Valley National Bancorp during the 2nd quarter worth about $9,910,000. Finally, Jupiter Asset Management Ltd. acquired a new position in Valley National Bancorp during the 3rd quarter worth about $10,756,000. Institutional investors and hedge funds own 61.00% of the company’s stock.

Valley National Bancorp Price Performance

Shares of VLY opened at $12.58 on Thursday. The firm has a market capitalization of $6.99 billion, a price-to-earnings ratio of 12.46 and a beta of 1.07. The firm’s fifty day simple moving average is $12.55 and its 200-day simple moving average is $11.46. Valley National Bancorp has a twelve month low of $7.48 and a twelve month high of $13.87. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.40.

Valley National Bancorp (NASDAQ:VLY) last posted its earnings results on Thursday, January 29th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.29 by $0.02. Valley National Bancorp had a return on equity of 7.92% and a net margin of 17.11%.The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $524.31 million. During the same quarter in the prior year, the company posted $0.13 earnings per share. Valley National Bancorp’s revenue for the quarter was up 14.1% compared to the same quarter last year. Equities analysts forecast that Valley National Bancorp will post 0.99 EPS for the current fiscal year.

Valley National Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a $0.11 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 3.5%. Valley National Bancorp’s dividend payout ratio is presently 43.56%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods lifted their target price on Valley National Bancorp from $12.50 to $13.00 and gave the company a “market perform” rating in a research report on Friday, January 30th. Citigroup reissued a “buy” rating on shares of Valley National Bancorp in a research note on Monday, February 2nd. Hovde Group lifted their price objective on shares of Valley National Bancorp from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, January 30th. Morgan Stanley upped their target price on shares of Valley National Bancorp from $14.00 to $16.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, National Bank Financial set a $16.00 price target on shares of Valley National Bancorp in a research report on Friday, January 30th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Valley National Bancorp has an average rating of “Moderate Buy” and a consensus target price of $14.40.

Insider Buying and Selling at Valley National Bancorp

In related news, Director Carlos J. Vazquez purchased 2,500 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were bought at an average cost of $13.45 per share, for a total transaction of $33,625.00. Following the completion of the purchase, the director directly owned 4,252 shares of the company’s stock, valued at approximately $57,189.40. This trade represents a 142.69% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.43% of the company’s stock.

About Valley National Bancorp

Valley National Bancorp (NASDAQ: VLY) is a regional bank holding company headquartered in Wayne, New Jersey, offering a comprehensive suite of commercial and consumer banking products and services. Through its banking subsidiary, Valley National Bank, the company provides deposit accounts, residential and commercial lending, mortgage services, treasury and cash management, foreign exchange and trade finance solutions. Complementary wealth management and insurance offerings round out its financial services platform, catering to individual, small-business and corporate clients.

Tracing its roots to the establishment of Wayne National Bank in 1927, Valley has grown into one of the largest banks in New Jersey by both assets and deposit share.